Developed countries associating World Trade Organization reforms with special and differential treatment (S&DT), accorded to poor and developing countries, is “unfair” and the trade body must re-evaluate the way it conducts its business, has Trade and Industry Minister Piyush Goyal said Thursday.
He also said that the world today also needs to reassess whether some countries are genuinely following global multilateral rules in a transparent and fair manner.
SDT allows developing countries and poor (less developed) countries to enjoy certain advantages, including longer timeframes for the implementation of binding agreements and commitments, and measures to increase trade opportunities for them. Currently, any member of the WTO can designate itself as a developing country and benefit from these advantages.
The United States had submitted its suggestions to the WTO that the self-declaration sets the WTO on the path to failed negotiations and it is also a path to institutional irrelevance.
India is of the view that the issue should be negotiated comprehensively in the WTO and that a consensus decision should be taken on the SDT.
” I think the WTO needs to re-evaluate the way it has conducted its business … The problem is that the developed world starts with reforms (and) related to the pursuit of SDT, that is the advantage that the less developed countries and developing countries has over developed countries … little benefit, most of it is wasted … and I think that is so unfair, “he said at an event CII.
He added that depriving countries with low per capita income of some differential treatment and putting them on the same benchmark with countries with per capita income of $ 60,000 to $ 80,000, because it is “extremely unfair ”.
Goyal said discussions can take place on which country should be considered developing and which should be developed and “I think the world should be open to discuss this.”
Further speaking about sustainability, the Minister said the developed world is talking about the issue but has he done enough to meet the targets.
“I would ask developed countries to do some soul-searching on what they have done,” he said.
The 12th Ministerial Conference (MC12), the highest decision-making body of the WTO, will be held from November 30 to December 3 in Geneva. Separately, the Ministry of Trade and Industry said in a statement that, stressing the need to reduce logistics costs to make factory products competitive in global markets, Goyal called on states to reduce specific handicaps. in the state. He also urged states to undertake appropriate amendments in labor laws to take advantage of production-linked incentive programs (PLIs) driven by manufacturing growth.
“The cost of doing business has to be assessed at the state level,” he said.
Calling on the electronics industry to aim for local added value in the manufacture of televisions from 28% to 43.7% currently, Goyal said manufacturers of set-top boxes (STBs), CCTV, mobile handsets and televisions should offer plans on how localization can be achieved.
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)